Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday
Binance said it used company funds to cover most losses and is rebuilding its withdrawal service after the record cyberattack.
- On Saturday, cryptocurrency exchange Binance announced it has covered 90% of the roughly $6.3 billion in assets stolen during a record hack announced Thursday.
- Co-CEO Richard Teng described the breach on Friday as a "complex attack" involving malicious software; blockchain intelligence firm TRM Labs identified features matching North Korea-linked heists including Bybit and KelpDAO.
- Binance partially deployed its $1 billion Secure Asset Fund for Users to replenish holdings, while the outstanding 10% consists of less liquid tokens requiring longer sourcing.
- The exchange remains on track to resume withdrawal services for users on Sunday, November 1, while maintaining its commitment to cover the full financial impact of stolen funds.
- Users holding the 10 listed tokens—BTC, ETH, and SOL among them—will verify assets are backed at a minimum 1:1 ratio following Binance's snapshot completed on October 31.
354 Articles
354 Articles
Cryptocurrency platform Binance said it had managed to use the company's funds to reimburse 90 percent of the $6.3 billion (around €5.6 billion) in stolen funds. Meanwhile, the crypto exchange has enabled the first phase of withdrawals that were restricted following the hack.
Binance, the world's largest cryptocurrency exchange, which suffered a hacking loss worth $6 billion (approximately 8.4 trillion won), is gradually resuming withdrawal services. According to AFP and other news agencies on the 31st (local time), Binance decided to resume withdrawals for major cryptocurrencies including Bitcoin, Ethereum, BNB, Solana, XRP, and Dogecoin. Binance stated that it has recovered 95% of the stolen assets. The remaining 5…
From Sunday on, the world's largest gradually wants to pay back money. According to Binance, 95 per cent of the stolen sum is said to have been covered.
Binance says resuming withdrawals after major hack
Binance, which is the world's largest crypto exchange by daily trading volumes, had suspended user withdrawals after the attack. "First batch network now opened in phase one of withdrawals is $BTC bitcoin network," Binance said on X. The company said in an earlier update that it was preparing to resume the first phase of withdrawals between 0600 and 0900 GMT on Sunday. "We are taking a phased approach by prioritizing tokens based on the past w…
Coverage Details
Bias Distribution
- 41% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
